Papa John’s Board Votes to Adopt ‘Poison Pill’ Against Founder

The board is expected to announce the poison pill Monday

Papa John’s International Inc.’s board members voted to adopt a “poison pill” on Sunday to prevent its controversial founder from gaining a controlling interest in the pizza chain, according to people familiar with the matter.

The board has been trying to sever ties with John Schnatter, who founded Papa John’s 34 years ago, following revelations that he used a racial slur during a recent conference call.